Bengaluru, Mar 30: Coffee Day Enterprises Ltd (CDEL) has received the first tranche of Rs 2,000 crore following disinvestment of Global Village Techparks to repay debts following the death of its founder V G Siddhartha.
In August last year, CDEL executed definitive agreements with entities belonging to Blackstone Group and Salarpuria Sattva Group for investment in GV Techparks, a wholly-owned subsidiary of group company Tanglin Development Ltd (TDL), at an enterprise value of Rs 2,700 crore.
The balance amount is expected to be received after the receipt of few statutory approvals, CDEL said in a statement.
"Out of the money received in first tranche, the company has paid off its debts in full including principal and interest amounting to Rs 1,644 crore to the lenders despite difficult economic conditions," it said.
Post this payment, the consolidated debt of the company and its subsidiaries stands at Rs 3,200 crore as on March 27. This includes debt of Rs 1,400 crore of its subsidiary Sical Logistics Ltd where disinvestment process is in progress.
"The company and subsidiaries have repaid around Rs 4,000 crore to the lenders since the beginning of this financial year," CDEL said.
"With the continuous support of stakeholders of the company, the current management is working to ensure better liquidity and operational efficiency. The company is confident of the future ahead despite various challenges," it added.
The company has been in rough waters after its founder V G Siddhartha took his own life as debt strains began to emerge in his company. Since his death in July last year, CDEL has been trying to divest its assets to pare debts.
On July 30, 2019, CDEL informed stock exchanges about Siddhartha's disappearance. In a letter that was purportedly written by him, the Cafe Coffee Day founder said: "I could not take any more pressure from one of the private equity partners forcing me to buy back shares."
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Coffee Day gets first tranche of Rs 2,000-cr after disinvestment in GV Techparks
News Network
March 30, 2020
Grassroots workers get recognition only in BJP, says BSY as Kadadi, Gasti file nominations
News Network
June 9,2020
Bengaluru, Jun 9: Two grassroots level workers of the Bharatiya Janata Party (BJP) on Tuesday filed their nominations for the Rajya Sabha elections from Karnataka, Chief Minister and senior BJP leader BS Yediyurappa said.
"Eranna Kadadi and Ashok Gasti have filed nominations for the Rajya Sabha elections from Karnataka. It is only in BJP that grassroots level workers are given recognition," Yediyurappa told reporters here.
The elections to fill the vacant 18 Rajya Sabha seats from seven states are scheduled to be held on June 19. Elections to four Rajya Sabha seats will be held in Karnataka.
"The core committee of the party had recommended a few names. Afterwards, the party's all-India president consulted with me. Finally, these two names were finalised," Yediyurappa said.
The nominations will be scrutinised on Wednesday and the last date for withdrawal of nomination is June 12.
Notably, the Janata Dal (Secular) on Monday announced that party supremo and former Prime Minister HD Deve Gowda has decided to contest the forthcoming Rajya Sabha elections.
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11 new COVID-19 cases reported in Karnataka; total 576
News Network
May 1,2020
Bengaluru, May 1: Karnataka has reported 11 new cases of coronavirus, taking the State's count to 576, informed the Health Department on Friday.
Out of the total COVID-19 cases found in the State, 235 people have been discharged and 22 people have died.
"11 new COVID-19 cases have been confirmed in Karnataka from April 30, 5 pm till noon today, taking the total number of cases to 576, which includes 22 deaths and 235 discharges," said the State government COVID-19 bulletin.
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India appreciates Senegal for its decision to extradite gangster Ravi Poojary
News Network
February 24,2020
New Delhi, Feb 24: India has deeply appreciated the Senegal government's decision to extradite fugitive gangster Ravi Poojary to India, official sources said on Sunday.
Facilitation of transit provided by the Government of France has also been acknowledged, they said.
Ravi Prakash Poojary, accused of committing a number of serious offences including murder and extortion in multiple jurisdictions, was extradited from Senegal on Saturday.
The probe agencies have persistently pursued the case for his extradition with the authorities in Senegal. India had made a request with Senegal for his extradition in early 2019, sources said.
Poojary was associated with gangster Chhota Rajan, but he also worked for fugitive underworld don Dawood Ibrahim.
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